A duty to provide information and advice
If you use a broker to secure a loan, this professional has a duty to provide information and advice. After discussing your property plans with the broker, he or she must give you a document d'entrée en relation (DER), which lists his or her licence to practice, the banks with which he or she works most frequently, the services he or she provides and the contact details of the mediator you can call on in the event of a dispute. If you work with a mediator, you sign an engagement letter. This specifies the type of mission you are entrusting them with (advice or raising capital) and the terms and conditions for carrying it out and remunerating them," points out Christelle Molin-Mabille, General Delegate of CNCEF Crédit, the approved professional association of credit brokers. The broker must answer your questions about how all the ancillary elements of the loan work, such as the bank guarantee or borrower's insurance.
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